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Journal Entries for Accounts and Notes Receivable Pomona, Inc., began business on January 1 . Certain transactions for the year follow: Jun . 8 Received
Journal Entries for Accounts and Notes Receivable
Pomona, Inc., began business on January Certain transactions for the year follow:
Jun Received a $ day, six percent note on account from R Elliot.
Aug Received payment from R Elliot on her note principal plus interest
Sep Received an $ day, seven percent note from B Shore Company on account.
Dec Received a $ day, eight percent note from C Judd on account.
Dec B Shore Company failed to pay its note.
Dec Wrote off B Shores account as uncollectible. Ponoma, Inc. uses the allowance method of providing for credit losses.
Dec Recorded expected credit losses for the year by an adjusting entry. Accounts written off during this first year have created a debit balance in the Allowance for Doubtful Accounts of $ An analysis of aged receivables indicates that the desired balance of the allowance account should be $
Dec Made the appropriate adjusting entries for interest.
Required
Record the foregoing transactions and adjustments in general journal form. Round all interest income calculations to the nearest dollar.
General Journal
Date Description Debit Credit
Jun Answer
Notes ReceivableR Elliot
Answer
Answer
Answer
Accounts ReceivableR Elliot
Answer
Answer
Received a day, percent note on account.
Aug Answer
Cash
Answer
Answer
Answer
Interest Income
Answer
Answer
Notes ReceivableR Elliot Answer
Answer
To record receipt of principal plus interest from R Elliot.
Sep Answer
Notes ReceivableB Shore Company
Answer
Answer
Answer
Accounts Receivable B Shore Company
Answer
Answer
Received a day, percent note on account.
Dec Answer
Notes ReceivableC Judd
Answer
Answer
Answer
Accounts ReceivableC Judd
Answer
Answer
Received a day, percent note on account.
Dec Answer
Accounts Receivable B Shore Company
Answer
Answer
Answer
Interest Income
Answer
Answer
Notes ReceivableB Shore Company Answer
Answer
To record dishonoring of B Shore Company's note.
Dec Answer
Allowance for Doubtful Accounts
Answer
Answer
Answer
Accounts Receivable B Shore Company
Answer
Answer
To write off B Shore's account.
Dec Answer
Bad Debts Expense
Answer
Answer
Answer
Allowance for Doubtful Accounts
Answer
Answer
To record allowance for uncollectible accounts.
Dec Answer
Interest Receivable
Answer
Answer
Answer
Interest Income
Answer
Answer
To accrue interest income on December note.
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